KOCHI: Ebin Varghese, the supposed mastermind behind the multi-crore share investment scam which came to light recently, used his rapport with high-net-worth investors (HNWIs) built during his earlier stint with a private bank to woo them into his new ‘venture’, said investigators.
The promoter of the Masters Group misused the trust gained over the years, which he channelised to operate the fraud. On Friday, Thrikkakara police received eight more complaints from people who alleged they were duped after being promised high returns on their investments.
Though police have issued a lookout notice for Varghese, he is still elusive. Varghese targeted mostly actors, NRIs and professionals. According to police, he used his network to access rich investors. Officers received many phone calls detailing the cheating, with many of the victims hesitating to lodge written petitions. A Thiruvananthapuram native, in his complaint, alleged that he lost around Rs 1 crore. Officers carried out a search at the office of Masters Group in Kakkanad on Thursday.
The firm downed its shutters on Monday after investors started approaching the police. Regular payouts early on had encouraged most of them to invest more money. Jacob Shiju, a native of Palluruthy, who is also associated with the Masters Group, has been booked for cheating. An inquiry is on to ascertain the involvement of others in the scam. The fraud was operated by…
